FBY vs. USOY

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax META Option Income ETF (FBY) and Defiance Oil Enhanced Options Income ETF (USOY).

FBY and USOY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FBY is an actively managed fund by YieldMax. It was launched on Jul 27, 2023. USOY is an actively managed fund by Defiance. It was launched on May 9, 2024.

Performance

FBY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income ETF (FBY) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

FBY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBY YieldMax META Option Income ETF	-11.64%	1.98%	26.53%
USOY Defiance Oil Enhanced Options Income ETF	59.52%	-7.93%	7.27%

Returns By Period

In the year-to-date period, FBY achieves a -11.64% return, which is significantly lower than USOY's 59.52% return.

FBY

• 1D: 0.99%
• 1M: -10.78%
• YTD: -11.64%
• 6M: -18.62%
• 1Y: -6.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -0.43%
• 1M: 30.11%
• YTD: 59.52%
• 6M: 55.51%
• 1Y: 43.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FBY vs. USOY - Expense Ratio Comparison

FBY has a 0.99% expense ratio, which is lower than USOY's 1.22% expense ratio.

USOY

Defiance Oil Enhanced Options Income ETF

FBY

YieldMax META Option Income ETF

Return for Risk

FBY vs. USOY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBY

FBY Risk / Return Rank: 8
FBY Sharpe Ratio Rank: 8
FBY Sortino Ratio Rank: 8
FBY Omega Ratio Rank: 8
FBY Calmar Ratio Rank: 9
FBY Martin Ratio Rank: 9

USOY

USOY Risk / Return Rank: 76
USOY Sharpe Ratio Rank: 84
USOY Sortino Ratio Rank: 81
USOY Omega Ratio Rank: 78
USOY Calmar Ratio Rank: 86
USOY Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FBY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income ETF (FBY) and Defiance Oil Enhanced Options Income ETF (USOY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FBY	USOY	Difference
Sharpe ratio Return per unit of total volatility	-0.21	1.71	-1.93
Sortino ratio Return per unit of downside risk	-0.08	2.16	-2.24
Omega ratio Gain probability vs. loss probability	0.99	1.31	-0.32
Calmar ratio Return relative to maximum drawdown	-0.17	2.78	-2.95
Martin ratio Return relative to average drawdown	-0.45	5.23	-5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBY vs. USOY - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.21, which is lower than the USOY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FBY and USOY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FBY	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	1.71	-1.93
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.23	-0.64

Correlation

The correlation between FBY and USOY is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FBY vs. USOY - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 58.29%, more than USOY's 56.23% yield.

	TTM	2025	2024	2023
FBY YieldMax META Option Income ETF	58.29%	55.43%	53.89%	8.31%
USOY Defiance Oil Enhanced Options Income ETF	56.23%	104.32%	48.60%	0.00%

Drawdowns

FBY vs. USOY - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for FBY and USOY.

Drawdown Indicators

	FBY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-17.46%	-14.07%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-15.70%	-13.80%
Current Drawdown Current decline from peak	-24.06%	-0.97%	-23.09%
Average Drawdown Average peak-to-trough decline	-7.12%	-6.55%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.31%	8.34%	+2.97%

Volatility

FBY vs. USOY - Volatility Comparison

YieldMax META Option Income ETF (FBY) and Defiance Oil Enhanced Options Income ETF (USOY) have volatilities of 11.94% and 12.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	12.05%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	18.34%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	25.35%	+7.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.38%	22.35%	+6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.38%	22.35%	+6.03%